Synthetic lubricants are manufactured by chemical synthesis of group IV base oils
(Polyalphaolefins) and group V base oils (esters and Polyakylene glycols). Synthetic lubricants
are more superior to mineral oil lubricants on account of low pouring points, low traction
coefficients, high temperature stability and high viscosity index. This superiority over mineral oils
resulted in industries shift their demand towards synthetic lubricants over the past few years.
This shift in demand is expected to drive the market over the forecast period. In addition, high
load carrying capacity, low friction and high temperature performance of synthetic lubricants is
expected to augment the market growth over the next five years. On account of increasing
demand from automotive and industrial applications, synthetic lubricants market is anticipated to
witness lucrative growth over the forecast period. In addition, strong growth of automobile
industry in India, China and Brazil is further expected to boost synthetic lubricants market in
near future. Innovative technology such as fire resistant ester based hydraulic oils has been
succeeded in many industrial applications. This is expected to open new opportunities for
market players in near future.
PAG based lubricants have been preferred over PAO lubricants on account of similar properties
and low cost. Innovation such as fire resistant hydraulic oils is expected to open new growth
opportunities for ester based synthetic lubricants market over the foreseeable period. High cost
of synthetic oils is anticipated to hamper the market growth in near future.
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PAO lubricants emerged as the leading product segment for synthetic lubricants market in 2013.
This trend is expected to continue over the forecast period on account of its superior...